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How Much Should Your Engagement Ring Cost?

Posted by Grogan Jewelers By Lon on Jul 11, 2022 3:18:51 PM

Whether it's the symbol of true love that it holds, the excitement of the big day approaching, or the shimmering brilliance of the ring itself, there's something about engagement rings that gets the "ooohs and ahhhs" of the friends and family who stare as it glistens off the ring finger. There are thousands of different engagement rings for you to choose from, and the number of options out there can be very exciting. 

But one question that often comes up is, how much should I spend on an engagement ring? Let's talk about engagement rings and everything you need to know about how much they should cost.

How Much Should You Spend on an Engagement Ring?

A popular rule going back decades has been for engagement rings to cost roughly two months of your salary. But is that the best rule for you to follow? It's a general rule that gives you a target to aim for but doesn't consider everyone's circumstances, including a person's current financial situation. According to a poll released by The Knot, the average that people spend on engagement rings is $6,000

But is $6,000 the right amount that you should spend? Here’s how you can decide the amount that you should be spending.

How to Choose the Right Engagement Ring

Take one look inside a jeweler, and you'll quickly notice that there are many different engagement rings out there. And after asking a few questions to a jewelry expert, you'll find that there are even more variations of gemstones—from the cut to the color and the clarity.

These are the different characteristics that affect ring cost, listed in the order you should consider them.

Think About Your Budget

The first place you should start is by determining your budget. How much can you spend without needing to worry about paying your bills? Keep in mind that you don't have to pay for a ring all upfront. You can finance an engagement ring with longer-term payment plans. Once you decide on a firm budget, this price will help you lay out how you can determine all the wonderful different features that make up the perfect engagement ring for you.

Pick Your Gemstone

The next area you should turn to when determining how much you should spend on engagement rings comes down to which stone you're looking at. While emeralds and sapphires have been popular gems for rings, diamonds still reign at the top of the list.

Consider the Cut

The cut of the gem is one of the most crucial factors that will affect the final cost of the ring. The cut directly determines how much a diamond sparkles. There are many different cuts to pick from, round brilliant being the most popular choice. But other highly popular cuts include the princess cut and the cushion cut. If you're looking for a stunning option that combines sophistication with affordability, the emerald cut will be the perfect selection. But your options don't stop there. The rest of the cuts include:

  • Marquise cut: for big diamond lovers
  • Oval cut: which has a nice modern look
  • Pear cut: for a more vintage look
  • Asscher cut: a blend of the princess and emerald cuts with X-shaped facets

Choose the Color

The next critical component of deciding how much to spend is the color, as the color will affect the whole look of the ring. But like with the cut of a diamond, deciding which color is right for you is completely subjective. Most diamonds used in engagement rings are near-colorless with a yellow or brownish tint. The more colorless a diamond is, the rarer it will be.

Pick a Carat

Moving down the line, you'll need to think about how many carats you want the stone to have. A carat is the unit of measurement used to weigh the stone. The weight is a huge factor in the cost of engagement rings, as even the slightest shift in weight can affect the cost. Despite the fact that a carat will greatly change the price of a ring, it's not quite as important as the cut of the stone, which is what determines its brilliance. For many people, the cut is more important than the carat. That's because a larger stone without much sparkle won't catch people's attention as much as a smaller stone with a lot of sparkle.

Decide on the Clarity

The clarity of the stone will also affect how much it sparkles as the light hits it. Clarity refers to if there are any visible flaws, commonly referred to as "inclusions." It's the measurement of how pure a stone is. As you can probably guess, the fewer inclusions, the more expensive the ring will be. Flawless diamonds are just as they sound; they have no inclusions or blemishes. In comparison, I1 diamonds offer a more affordable alternative to high-clarity diamonds.

By considering each of these aspects, you can start to get a better idea of how much you should spend on an engagement ring.

Engagement Rings for Any Budget

Ultimately, the perfect ring will come down to a ring's most apparent characteristic: how it looks! Everyone has their own taste, and that's half the fun of looking. We recommend you focus on which ring makes you feel loved, and you can't put a price tag on that. Grogan's has gorgeous engagement rings that are perfect for any budget.

Looking for an engagement ring to celebrate the big day? You can see our selection in person by visiting our stores in Huntsville or Florence, AL, or stop by our store in Franklin, TN.